Does anyone want to share their personal story of how they lost money on FTX? There were allegedly a million victims, so surely there are some on HN...
Sam Bankman-Fried Convicted
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Re: Sam Bankman-Fried Convicted
#182Interestingly, FTX made a $500 million USD investment in Anthropic; supposedly, this was made while Anthropic was valued at $4.6 billion (unconfirmed). Now, Anthropic is nearing $30 billion. Anyone know the latest on this? Is FTX going to sell that stake off to pay back the debts? [1] https://www.businessinsider.com/sam-bankman-frieds-anthropic...
Looking online I see reports that FTX owes its creditors $3B. If Anthropic has 6.5x then the initial $500 million is now worth $3.25B.
Is it actually possible that all creditors will get their money back? Pretty crazy if so.
Re: Sam Bankman-Fried Convicted
#183Re: Sam Bankman-Fried Convicted
#184Interestingly, FTX made a $500 million USD investment in Anthropic; supposedly, this was made while Anthropic was valued at $4.6 billion (unconfirmed). Now, Anthropic is nearing $30 billion. Anyone know the latest on this? Is FTX going to sell that stake off to pay back the debts? [1] https://www.businessinsider.com/sam-bankman-frieds-anthropic...
It's being debated in the bankruptcy court. Some creditors want to sell it off and others want to let it ride. Because this is crypto, some people want to issue a crypto token that represents claims on the estate.
>some people want to issue a crypto token that represents claims on the estate
What could possibly go wrong? :D
Re: Sam Bankman-Fried Convicted
#185Anyone know where to get good details? Specifically: do they know where the money went? If not, how did they prove intent (I assume they proved intent)? Edit: another thing I'm wondering is about jurisdiction, since most of this occurred offshore and didn't involve US customers.
If you want a good summary of each day of trial: https://www.theverge.com/authors/elizabeth-lopatto and https://www.youtube.com/watch?v=uHD5JP6xZcE&list=PLySrw1Nvf-... If you want a really detailed overview of his testimony and cross-examination: https://www.youtube.com/@molly0xfff/streams > do they know where the money went Not all of it (at least, not for the trial). They showed significant components of it as part…
Thank you!
Re: Sam Bankman-Fried Convicted
#186Like many of his strategies at FTX, his high risk approach to this trial for a high value payout (taking no plea deal and getting out with no charges) hasn’t worked out. I wonder if he himself is accepting of the outcome and isn’t already scheming or relying on another all-in gamble.
He can console himself with the pseudofact that there's a universe in which he won.
From an altruist perspective, he will meet so many more people in jail where the Net Opportunity to Max Out moral value is huge. He would never get this opportunity in the real world. Smart move.
Re: Sam Bankman-Fried Convicted
#187Does anyone know whether he will be re-bailed to his palatial parents' home in Palo Alto now that witness tampering is off the table?
> ...now that witness tampering is off the table?
It's not off the table. He may still face a trial on the remaining charges of campaign finance fraud and foreign bribery.
Re: Sam Bankman-Fried Convicted
#188In under five hours! The jury was home in time for dinner. One question for legal people—why is there such a long gap between conviction and sentencing? In this case, the sentence won't be set until March of next year.
I was on a jury recently. Deliberations began after closing statements Friday morning.
First thing we all agreed we would not be coming back on Monday…
Re: Sam Bankman-Fried Convicted
#189mmm.. 110 years for stealing close to $10 billion
The lawyer fees for the bankruptcy estate will be $1 billion (they will also come out of the customer funds)
Re: Sam Bankman-Fried Convicted
#190I'm certain he will out soon with a slap on the wrist (don't do this again, mmmok? sorry, i didn't know, won't happen again). Then a16z will give him a few billions to start the next chapter in life. Wework is close to filing bankruptcy, a16z is funding Adam Neumann's next startup. SBF is similarly talented.
From back when FTX imploded: "Kevin O'Leary Says He'd Invest in FTX Founder Sam Bankman-Fried Again" https://gizmodo.com/kevin-o-leary-bitcoin-ftx-ponzi-sam-bank...
Man who received $10M of stolen money from SBF would back SBF again!